In addition to what CracyCat suggested:
It could be that another thing is slowing down the performance (e.g. if non-existing license files are referenced).
Check in your registry following key:
HKEY_LOCAL_MACHINE\\SOFTWARE\\FLEXlm License Manager\\METROWKS_LICENSE_FILE
Maybe this variable points to non-existing files? You should clean it up or you can delete the variable completely.
Erich